It's Halloween. But it Means Something Bigger for Crypto

Good morning, everyone. Today's Halloween, so you know what that means. Let's put on our Do Kwon, Satoshi, and Vitalik costumes, and let's head towards the spooky town.

Today's attention goes to:

• Happy Birthday, BTC White Paper!
• BTC vs. Inflation
• Tokens With Soul
• Selected Meme of The Day
• Bite-Sized News

HAPPY BIRTHDAY, BITCOIN WHITE PAPER!

First things first. It's Halloween. But we're celebrating something else. HAPPY BIRTHDAY.

Do you know to whom this goes out to?

14 years ago, on October 31st, the Bitcoin White paper was published.

In the document, the Banksy of crypto space, the famous, yet pseudonymous Satoshi Nakamoto, laid out the blueprint for something that was about to revolutionise our world. 

The 'peer-to-peer network' entered the common vocabulary. A new vision, a new way of thinking about our future was laid out.

"We have proposed a system for electronic transactions without relying on trust", Satoshi summarised the text. A proposition was laid out. And we have accepted it.

BTC VS THE WORLD

Okay. It's Halloween, so we either go for the chills, or go home. And there aren't many words that are as petrifying as the one that starts with an 'I', and ends with 'nflation'.

Just take a look at it. The inflation rate in the US was 8.2% in September. October's data revealed that Eurozone's inflation was 10.7%. While Venezuela's... reportedly, is around 114%. 

But let's put a twist to it. Let's make inflation less frightening. And how do we do that? By looking into it through a Bitcoin filter.

Bitcoin's inflation rate is just under 2%. It's enough to make it profitable for miners to maintain the network.

At the same time, it's not too high to put pressure on the BTC price.

Bitcoin is deliberately designed in such a way to make inflation have a positive impact on it in the long run.

We're talking about the Halving mechanism. Every 4 years, the amount of newly released coins is reduced by 2 times.

For example, right now, 6.25 new BTC are created every 10 minutes. After the next halving this value will decrease by 2 times to 3.125 BTC.

The next Bitcoin Halving will take place in February-March 2024. The previous one was in May 2020.

There are limits designed within the whole system. And they work.

TOKENS WITH SOUL

Wearing a simple white sheet as your costume is a classic. Instantly, you're a ghost.

But what happens when you put a sheet on a coin? You get a ghostcoin. Well, not literally. Hear me out.

It all leads to the topic that is little talked about, but which may become the key talking point pretty soon: the digitization of personality in Web3.

This year, Vitalik Buterin introduced the concept of a decentralized society (DeSoc).

He, then, elaborated on how to 'connect one's soul with the blockchain'. Okay, sounds kinda creepy.

So what's this DeSoc thing about?

The current concept of Web3 pays little attention to social trust. Web3 projects rely on centralized platforms with their limitations.

DeSoc is an alternative model where the community is built on networks with a social identity.

It's a place where people and communities come together to co-create multiple network-bound benefits.

Vitalik Buterin proposed non-fungible Soulbound tokens - SBT, which should become the basis for the creation of DeSoc and influence the further formation of Web3.

The key terms here are 'Souls', and 'Soulbound Tokens' (SBT). What are they, precisely?

A 'Soul' is a storage unit of tokens.

For example, a person may have a "Soul" in which Soulbound tokens (SBTs) are stored representing educational documents, work experience, etc.

"Souls" can belong to both individuals and organizations.

Now the 'Soulbound Tokens' are the most important feature of DeSoc.

Unlike NFTs, Soulbound tokens cannot be sold or transferred and moved to another wallet, they have no cost.

Soulbound tokens (SBT) can be regarded like something of a cryptoface that represent a cryptopersonality, with all their features and qualities.

If you're interested in venturing into this eerie territory that may soon become mainstream, and want to get yourself a soulbound token, you can watch this video that we've made.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• After the Merge, Ethereum Network Energy Consumption Dropped By 99.9%. They promised, they delivered.
• Thailand and Hungary Join Forces to Delve Into Blockchain Technology. Unexpected friendship born under extraordinary circumstances.
• Japanese City Uses Metaverse to Fight Against Student Absenteeism. If it works, it works.
• The Reserve Bank of India Rolls Out CBDC Pilot for Wholesale Segment. India remains determined to tame that Central Bank digital currency.